In the summer of 2016 a “Coin for the people” (PeepCoin or PCN) was launched, using their own private system for instant, fee-less and secure transactions between individuals and merchants. An inital ICO price was 0.01 US$ per token.
The website text contained a number of red flags (e.g. this quote: …We use a predetermined value system that ensures everyone benefits. The price is always rising in value, this ensures that your money is growing…NO RISK!!! [end quote] ) but still millions of dollars were raked in and a fairly large community was build around the coin. The coin was (and still is) listed on a number of exchanges and can be followed on CMC. The original developers build a working blockchain protocol, Peepcoin wallets for Windows, Mac and Linux and a staking mechanism to keep distributed nodes processing all transactions. All the code was open source and a fair amount of developers were involved to build the eco system.
Around the fall of 2017, the website was suddenly pulled off the air, the main developers left the project and the domainname became up for sale. The price had already tanked to sub 1 satoshi levels but the coin continued to be traded on minor exchanges. Very large wallets remained dormant.
In the avelange of new coins this past year, an operational blockchain with a coin listed on a number of exchanges and with thousands of coin holders, is in itself a valuable asset. A new team (including some of the orignal devs) were able to forward all PCN traffic to a new website, announcing the DAPS project and preparing a fork from the PCN blockchain with a 1:1 swap from PCN to DAPS.
The new coin will be an anonymous payment system with a trustless governance system. They set up a code of conduct that any developer who wanted to contribute needed to follow before being allowed to add to the code base. The new DAPS would have a number of proven technologies stacked to make it a very secure and anonymous payment method. This was in the period that another privacy coin XVG was the target of several hacks and one comment on youtube was that …DAPS will have everything that XVG wished it had…
This news gathered some momentum and the PCN price went up to an ATH of 18 satoshi in a couple of months. Mid July 2018, the DAPS team noticed one of the biggest and oldest wallets was starting to trade again and a 1:1 swap would potentially create a very dominant whale, most probably the original PCN initiator. They intended to exclude suspicious wallets from the swap but based on legal advise, the team quickly decided not to do a swap but an airdrop based on a snapshot they had just taken from the blockchain (block 1120535, or 06/27/2018 at 02:00 UTC), but blacklisting the suspicious wallet addresses. This triggered a massive dump and sharp price drop back to 1 satoshi within hours of their announcement.
This shocked both investors and developers, some of them being hit twice with this coin. Many of them will have jumped ship, but others kept some degree of trust and just used the low price to increasse their holdings. The trading volume was substantial. The DAPS team is still actively preparing for an automated airdrop for wallet holders and several exchanges. But the dramatic pricedrop triggered actions from other developers, some of them ex-DAPS members.
One new community initiative was the launch of another fork (Peoples Xchange Coin, PXN). In an attempt to revive this very bad reputation, all PXN developers posted their real names and CV’s on Discord, working all out as volunteers and put every major decision to a vote by the community. Their community base grew rapidly again and besides the announced swap (PCN to PXN, 2-3 scenarios will be voted on), this same team also announced to keep the PCN blockchain alive as it is now.
Other initiatives are Ominant (OMT) which will airdrop on all PCN holders (scenario and ratio TBA) and PeepMasterNode (PMN) where you can swap your PCN to PMN (20:1) and pool for masternodes, VestX coin (1:1 airdrop), it is possible I missed a few new projects.
One of these projects might make it on the long run, but they will all have to shed a shitty reputation from its predecessor. At a minimum, it will require having clear purposes for their coin, stick to milestones when building their new code base on top of PCN, do some serious marketing to get noticed again and in the end, demonstrate actual use. It will be interesting to follow.
This article would become too long when all the purposes and differences are explained, but here are some links where you can DYOR:
PeepCoin (PCN) (original website no longer available)
DAPS (Decentralized autonomous payment scheme ) https://dapscoin.com/
Peoples Xchange Coin (PXN) http://www.peepcoin.io/
PeepMasterNode (PMN) http://www.peepmasternode.com/
VestXcoin no website yet, only announcement